Agreement on Economic Cooperation Between Baden-Vurtenberg and Sverdlovsk Region Signed

The two-day official visit of the delegation of the Baden-Vurtenburg land to the Sverdlovsk Region ended yesterday. The delegation, consisting of nineteen government representatives and entrepreneurs was lead by Deputy Minister for the Economy of Baden-Vurtenberg Karl Epple. An agreement on further economic collaboration between the two regions was signed. As the press-service of the Ministry of International and Foreign Economic Links of the Sverdlovsk Region announced, the document was signed by the Minister of International and Foreign Economic Links of the Sverdlovsk Region, Yuri Osintsev, and Deputy Minister for the Economy of Baden-Vurtenberg Karl Epple.

The press-service announced that, as part of the new agreement, cooperation between Germany and the Urals in small and medium-sized businesses is to continue. The number of German companies who produce equipment for the woodworking industry in the Sverdlovsk Region is increasing. The German side intends to contribute towards a privately managed system of pension provision in the mid-Urals, and towards a system of individual house-building in the Sverdlovsk Region. According to Epple, 'The German system of accumulating funds specifically targeted for the construction of housing as part of a banking system has great possibilities for construction in the region'.